President Trump is proclaiming his plan to be a “once-in-a-generation opportunity.” In reality, that tax proposal is simply the latest iteration of supply-side, trickle-down, “voodoo economics,” in which the laws of supply and demand are suspended and replaced with ideological rhetoric to justify channeling even more wealth to the uber-wealthy.

Here’s how the tax plan is explained to benefit the middle-class: Major corporations and the wealthiest Americans receive massive tax breaks. In return, they hire more workers, raise wages, and economic growth soars.

In the real world, greater demand triggers greater supply that ultimately generates more jobs to meet increased demand. If demand rises sufficiently, companies will offer more competitive wages to attract or maintain their personnel in a tightening labor market.

As a result, tax cuts that would have the most significant benefit to the economy are those that channel the greatest benefits to households with the least disposable income. Households struggling to make ends meet will usually place most if not all of that money immediately back into the economy to pay for food, clothing, shelter, health care, and other necessities.

Of course, companies do require access to capital to expand production. But with an estimated $1.9 trillion in cash and short- and long-term liquid investments, companies that would benefit most from the president’s tax plan have more than enough cash to meet any increased production needs in America while also paying their fair share of taxes.

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Corporate America is awash in a virtual sea of cash, more than $1.9 trillion. More cash to them will neither grow jobs or increase wages.

Further, Congress has experience with attempting to boost the economy by cutting taxes on profits earned overseas. In 2004, Congress approved a rollback on the tax rate for repatriated income from 35% to 5.25%. That rollback brought in $312 billion in overseas profits. Most of that money went to corporate shareholders in the form of stock buybacks and dividend payments. The benefits of that tax cut were also heavily concentrated in a handful of the largest corporations.

CNBC journalist Jeff Cox chronicled the experience of that tax giveaway as follows: Although nearly 10,000 firms qualified for tax relief, only 843 participated and only fifteen firms received more than half of the tax benefits.

The president’s tax plan also proposes to eliminate the onerous “death tax.” In reality, the estate tax, applies to inheritances of more than $5.49 million for individuals and $10 million for joint filers, so it impacts only the wealthiest of Americans, just 0.2% of households.

Center for American Progress

Most of the benefits of the tax plan flow to and will remain with the super-wealthy.

Finally, lowering the corporate tax rate, reducing taxes on pass-through income, and a further reduction in capital gains taxes ensures Trump’s plan will benefit overwhelmingly the wealthiest 1% of U.S. households.